Last update: Tue, 27 Sep 2016 11pm

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While feeling growing pressure on foreign exchange reserves due to a persistence fall in exports, Finance Minister Ishaq Dar-led Economic Co-ordination Committee (ECC) of the Cabinet Monday has approved issuance of Sukuk Bonds to raise foreign inflows from international debt market against Islamabad-Lahore Motorway (M-2). This was the second meeting of the ECC in last four days after the one held on Friday that gave blanket approval to Finance Minister for taking decision about size, maturity and pricing for bonds. The ECC on a proposal moved by Finance Division also approved exemption of duties and taxes on the proposed bonds for making transaction attractive in the international market.
Slight changes were seen in value of the rupee against the dollar on the money market on Monday in the process of trading, dealers said. The rupee almost held the week-end levels versus the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, they said.
The Securities and Exchange Commission of Pakistan (SECP) has issued a guidebook for all brokerage houses of the stock exchanges and their auditors for compliance on calculation and reporting of Net Capital Balance (NCB) of brokerage houses of Pakistan Stock Exchange (PSX).
The National Assembly Monday unanimously passed five bills including "Benami Transaction (Prohibition) Bill, 2016, Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016 and Hindu Marriage Bill, 2016." Parliamentary Secretary for Finance Rana Muhammad Afzal Khan tabled "Benami Transaction (Prohibition) Bill, 2016 and Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016 while Federal Minister for Human Rights Kamran Michael moved the Hindu Marriage Bill, 2016 in the Lower House of the Parliament for passage. The House unanimously passed the bills.
Hundreds of Pakistani construction workers are to fly home from Saudi Arabia this week but without the salaries they have waited months to receive, embassy officials told AFP. A total of 405 Pakistanis owed wages by once-mighty Saudi Oger will fly home from Wednesday courtesy of the Saudi government, said Abdul Shakoor Shaikh, the Pakistani embassy's community welfare attache.
Taxpayers are reportedly facing immense difficulties in preparing and e-filing of income tax returns and statements under sections 114 and 115(4) of the Income Tax Ordinance, 2001, due to malfunctioning of IRIS system. This was revealed in a letter sent to chairman FBR by Syed Rehan Jafferi, president Karachi Tax Bar Association (KTBA) here on Monday.
The tax collection has shown a growth of 21 percent this year as compared to the previous year while the total number of 10,78,112 tax payers filed their income tax return during the 2015-16 fiscal year. Parliamentary Secretary for Finance, Revenue and Economic Affairs Rana Muhammad Afzal informed the National Assembly on Monday during the Question Hour.